Class Questions And Answers Study Guide Graded A+

Tom Smith isn't a licensed broker. He calls up Joe Jones, a friend who is a broker and gives him the name of Smith's cousin, who wants to sell his house and the name of his minister, who may want to buy it. Can Smith get share in Joe's commission? A- No, because Smith isn't a broker B- No, because Smith didn't bring the buyer and seller together C- Yes, because brokers can rebate part of their commissions to non-brokers if the non-broker aids in the procurement of the sale D- No, because Smith didn't have a listing agreement with his cousin. {Ans: A- No, because Smith isn't a broker}Must a broker escrow funds taken in under a short term occupancy agreement? A- No, because the funds are being held for a short period B- No because the money isn't really rent C- Yes, because it is money of other people D- No, because the Commission has exempted the activity {Ans: C- Yes, because it is money of other people}What must a developer obtain prior to commencing construction? A- A certificate of occupancy B- A building permit C- An environmental impact statement D- A special permit {Ans: